Kenya is initiating a significant change in its regulatory stance by preparing to legalize cryptocurrencies through the establishment of a legislative framework aimed at both harnessing the advantages of virtual assets and mitigating associated risks such as money laundering and fraud. Treasury Cabinet Secretary John Mbadi emphasized the importance of creating a balanced and competitive market for virtual asset service providers while promoting financial literacy. This shift marks a departure from Kenya's previous caution towards cryptocurrencies, reflecting a growing recognition of their potential in the financial landscape.

Analysts note the capitulation of speculators near $92,000, with panic selling often signaling a local bottom, as large investors (whales) increase their purchases.